RM Sotheby’s sold a 1956 Ferrari 290 MM for $22,005,000 as the highest result at its inaugural Los Angeles sale at the Petersen Automotive Museum. This was also the second highest price paid for a car at public auction in 2018. The second highest result at the Los Angeles sale was $2,205,000 for a 1971 Lamborghini Miura P400 SV. Solid results were achieved for a Ferrari F40 and a Mercedes Benz 300 SL Gullwing. A low mileage McLaren P1 and a Porsche 918 also sold for over a million dollar but the results for these two hypercars were as expected fairly low.

RM Sotheby’s Los Angeles 2018 Petersen Automotive Museum Sale

RM Sotheby’s scheduled its first Los Angeles sale for 8 December 2018 at the Petersen Automotive Museum offering 68 cars and and around 80 lots of automobilia.

RM Sotheby’s earned $39.8 million from the car sale with a 79% sell-through rate. The Ferrari 290 MM contributed more than half to the total.

RM Sotheby’s Los Angeles Sale 2018 Top Results

The top results at the RM Sotheby’s Los Angeles 2018 sale at the Petersen Automotive Museum were:

–

Year

Car

Price ($)

Estimate

1

1956

Ferrari 290 MM

22,005,000

22,000,000 – 26,000,000

2

1971

Lamborghini Miura P400 SV

2,205,000

2,100,000 – 2,500,000

3

1989

Ferrari F40

1,545,000

1,200,000 – 1,600,000

4

2015

Porsche 918 Weissach Spyder

1,534,000

1,500,000 – 1,700,000

5

2015

McLaren P1

1,435,000

1,300,000 – 1,700,000

6

1955

Mercedes Benz 300 SL Gullwing

1,270,000

1,200,000 – 1,400,000

Unconfirmed results. Prices include auction premium.

Million-Dollar Cars at the RM Sotheby’s Los Angeles 2018 Sale

The following cars achieved over a million dollar at the RM Sotheby’s Los Angeles 2018 sale at the Petersen Automotive Museum:

1956 Ferrari 290 MM

A 1956 Ferrari 290 MM, chassis 0628, sold for $22,005,000, as the highest result at the RM Sotheby’s Los Angeles 2018 classic car auction. This was the ninth highest price ever paid for a car at public auction and only the twelfth car to sell for more than $20 million.

Chassis 0628 was the final of four cars produced by Ferrari specifically with the Mille Miglia in mind. This 290 MM was campaigned by Scuderia Ferrari for the 1956 and 1957 seasons and piloted by factory team drivers including Juan Manuel Fangio, Phil Hill, Peter Collins, Wolfgang von Trips, Olivier Gendebien, Eugenio Castellotti and later, Sir Stirling Moss, in some of the most prestigious race events in the world.

At its debut in the 1956 Mille Miglia in 860 Monza specifications, chassis no. 0628 was driven by Peter Collins and Louis Klemantaski to second overall (behind the winning 290 MM). In the same year, Olivier Gendebien and Hans Hermann took fourth at the Targa Florio in Sicily, while Umberto Maglioli finished second in the XVIII Aosta-Gran San Bernardo Hillclimb, also in Italy. Juan Manuel Fangio raced the car in the Swedish Grand Prix (DBF) just months later.

Upgraded to 290 MM specifications by the factory in 1957, Alfonso de Portago, Wolfgang von Trips and Eugenio Castellotti finished third in the 1000 km Buenos Aires, and two months later the car entered the 12 Hours of Sebring with Phil Hill and von Trips at the wheel.

Chassis 0628 victory came only after it was sold to a private team. Stirling Moss raced the 290 MM at the 1957 Bahamas Speed Weeks and drove the car to victory in both the Memorial Race and the Nassau Trophy Race.

The 290 MM model record was set by the 1956 Ferrari 290 MM by Scaglietti, chassis no. 0626, that sold for $28,050,000 at the RM Sotheby’s New York 2015 sale. At the time, it was the third highest price ever paid for a car. However, that was at the peak of the market and the estimate for 0628 was set well below this price. The owner was also clearly interested in selling with the reserve seemingly set at only $18 million.

1971 Lamborghini Miura P400 SV

The 1971 Lamborghini Miura P400 SV, chassis no. 4912, sold for a strong $2,205,000 – slightly higher than RM Sotheby’s achieved for a similar car at Monterex 2018. This was the only Miura SV originally delivered in striking Bleu Medio over Pelle Bleu interior and is one of just five single-sump SVs sold new to the United States equipped with optional air conditioning. Producing a total of 385 horsepower, the SV can sprint from 0–60 mph in 5.8 seconds and reach a top speed of 180 mph. The Miura is restored to concours condition and was shown at Pebble Beach.

1955 Mercedes Benz 300 SL Gullwing

RM Sotheby’s sold a 1955 Mercedes Benz 300 SL Gullwing for a good $1,270,000 at the Los Angeles 2018 sale. This Gullwing was refinished in its original color scheme of light green metallic over red leather. It also has fitted luggage, which according to Hagerty’s adds around $20,000 to the value of a Gullwing.

Mercedes Benz 300 SL Gullwings and Roadsters have been selling well at recent auctions but prices are still lower than two years ago but with lower expectations (and reserves) the numbers offered are again higher. Gooding alone will offer three at Scottsdale 2019 including Herbert von Karajan’s Gullwing.

1989 Ferrari F40

A 1989 Ferrari F40 sold for a strong $1,545,000 – the second highest F40 result in 2018. This car originally belonged to Stefano Casiraghi, Italian socialite, successful racer, and second husband of Princess Caroline of Monaco. Well cared for throughout its life, the F40 is fitted with desirable Plexiglas windows and shows just 4,000 km from new.

This F40 was sold by RM Sotheby’s in Paris 2016 for €1,036,000 and the current owner seemed not to have added much mileage to the car since.

Modern Hypercars at RM Sotheby’s Los Angeles 2018

Modern hypercars did well at auctions in 2017 and early 2018 but the market has clearly turned with prices noticeable lower and several cars failing to sell at recent auctions. Low mileage does not seem to help these cars anymore.

A 2015 McLaren P1 sold for $1,435,000 – by far the lowest result for the ten P1s sold at major auctions since 2015. This result was nearly $300,000 below the lowest prices previously paid for a P1 at auction. In 2017 and 2016, at least $2 million was needed to buy a P1 but none of the four sold in 2018 could achieved more than $1,820,000. The owner of this low mileage (350 mi) car certainly lost money on the car.

The 2015 Porsche 918 Spyder Weissach sold for $1,534,000 – the result was just within estimate but the same car sold at RM Sotheby’s New York 2017 for $1,732,000. At that stage, Porsche 918 prices seemed to only head upwards. This car in as-new condition has only 279 miles on the clock – only 9 more than a year ago.

A 2015 Porsche Carrera GT sold for a strong $775,000 – a strong result but million-dollar results for this model remain the preserve of Mecum only.

Porsche 959 results have similarly been less predictable this year with several failing to reach reserve limits. The highest bid for the 1987 Porsche 959 on offer was $870,000 with the presale estimate also a relatively low $950,000 to $1,100,000.

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